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jerica-b1967
New Member

What if I also bought a home in 2018?

 
1 Reply
DanaB
Intuit Alumni

What if I also bought a home in 2018?

You might be able to deduct property tax and mortgage interest paid from your primary residence if you are able to itemize. For the Itemized Deduction to be beneficial you will have to get over the Standard Deduction amount. If you are unsure you can enter everything into TurboTax and it will let you know what will be more beneficial.

 Standard deductions for 2018 

  • Single - $12,000 add $1,600 if age 65 or older
  • Married Filing Separately - $12,000 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,000 add $1,600 if age 65 or older

Possible itemized deductions are:

  • Medical and dental costs above and beyond 7.5% of your AGI 
  • State, local, real estate, and personal property taxes (capped at $10,000)
  • Home mortgage interest
  • Charitable donations and gifts

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